Justin: Nick, you talked about how a permanent underclass is forming in the latest issue of The Casey Report.

What exactly do you mean by “permanent underclass”? And how long has this been going on?

Nick Giambruno: The US once had the largest and most prosperous middle class in world history. Today, it’s shrunk to its smallest size in generations.

In 2015, the American middle class reached a demographic tipping point. It dipped below 50% of the population for the first time since data collection started on this issue. Today, it’s an official minority group.

In the years ahead, if economic and political trends continue, I expect that tens of millions more Americans will be kicked down the ladder.

Welfare and government dependency is cementing them to the bottom of society—in effect, making them a permanent underclass.

This is a trend that has been going on for decades. But today, it’s really starting to accelerate.